REITs市场跟踪双周报：产权REITs发行加快，二级市场表现分化-20250516

Issuance Market - The issuance of REITs has accelerated, with the latest issuance of Huatai Suzhou Hengtai Rental Housing REIT totaling 1.367 billion yuan, marking the lowest average allocation ratio of 0.29% this year. A total of 7 REITs have been issued in 2025, representing a 17% increase in quantity compared to the same period last year, although the total issuance amount of 11.3 billion yuan has decreased by 26% year-on-year. The issuance of property REITs shows a clear advantage in both quantity and scale compared to franchise REITs [1][6][11]. Secondary Market - The current REITs market consists of 66 products, with a total market size exceeding 191.5 billion yuan, where property REITs have surpassed 100 billion yuan for the first time. The overall market has risen by 0.52% this period, outperforming the CSI Dividend Index, with a year-to-date increase of 11.47%, significantly ahead of stock indices. Property REITs have shown a year-to-date increase of 13.80%, while franchise REITs have risen by 9.17% [2][14][13]. Dividend Situation - The REITs market is currently in a concentrated dividend distribution period, with 9 REITs distributing dividends totaling over 500 million yuan. The total dividends for 2025 amount to 3.448 billion yuan, yielding a dividend yield of 2.03%, which is higher than major stock indices. Property REITs have a dividend yield of 1.89%, lower than franchise REITs but higher than the CSI Dividend Index. The mandatory dividend nature of REITs results in high distribution ratios across different types [3][26][28]. Investment Value Analysis - The latest valuation for all property REITs stands at a P/Distributable Amount of 26.27, significantly higher than the CSI 300 and CSI Dividend Index, but lower than the CSI 500. Valuations for affordable housing REITs are relatively high, while consumer infrastructure REITs have the lowest valuation (P/EBITDA). Among franchise REITs, the internal rate of return is highest for clean energy REITs, followed by ecological and environmental REITs, with toll road REITs having the lowest [4][33][37].